Executive Director of the California Infrastructure and Economic Development Bank (I-Bank) Teveia Barnes today announced that the U.S. Department of Treasury has authorized an additional $27 million in federal funding for the California Small Business Loan Guarantee Program (SBLGP) to provide loans to California small business owners and entrepreneurs.
The funding comes as part of the State Small Business Credit Initiative (SSBCI) which was created by the Small Business Jobs Act of 2010 and signed into law by President Obama in 2010. Funded with $1.5 billion, the program is expected to spur up to $15 billion in new lending to small businesses and manufacturers as states use federal funds to leverage private investment dollars. For more information, call (916) 322-0667.
Source: Fullerton Chamber of Commerce